First Trust Senior Floating Rate Income Fund II (NYSE: FCT) to reorganize into new ETF

Rhea-AI Filing Summary

First Trust Senior Floating Rate Income Fund II announced that its Board of Trustees has approved a proposed reorganization of the closed-end fund into a new exchange-traded fund called First Trust Flexible Income ETF. The new ETF will be actively managed and listed for trading on the NYSE, with First Trust Advisors L.P. continuing as investment manager.

This move would shift investors from a traditional closed-end fund structure to an ETF structure, which typically offers intraday trading and different pricing dynamics. Details of timing, mechanics, and any required approvals are referenced in an accompanying press release dated December 9, 2025.

Insights

Closed-End Fund & ETF Structure Analyst

FCT plans to convert from a closed-end fund into an actively managed ETF.

First Trust Senior Floating Rate Income Fund II (FCT) has Board approval for a reorganization into the newly created First Trust Flexible Income ETF

Moving from a closed-end fund to an ETF typically affects how shares trade, with ETFs generally tracking net asset value more closely and offering intraday liquidity. The filing notes that the ETF will trade on the NYSE and be actively managed, which may preserve the fund’s flexible income strategy within a more modern wrapper.

The practical impact for investors will depend on the final terms of the reorganization, any required shareholder or regulatory approvals, and how the new ETF’s features compare with the current fund. Further specifics are indicated in the press release dated December 9, 2025, which is listed as an exhibit.

12/09/2025 - 04:45 PM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 9, 2025

______________________________

First Trust Senior Floating Rate Income Fund II

(Exact name of registrant as specified in its charter)

Massachusetts	811-21539	11-3716541
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

120 East Liberty Drive, Suite 400 Wheaton, Illinois (Address of principal executive offices) 60187 (zip code)

Registrant’s telephone number, including area code: (630) 765-8000

______________________________________________________

(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

Title of class	Trading Symbol	Name of Exchange on which registered
Common stock, $0.01 par value per share	FCT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 7.01 Regulation FD Disclosure

On December 9, 2025, First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees of First Trust Senior Floating Rate Income Fund II (NYSE: FCT), a closed-end fund managed by FTA, approved the reorganization (the “Reorganization”) of FCT into First Trust Flexible Income ETF, a newly created exchange-traded fund (“ETF”) that will be traded on the NYSE and will be an actively managed ETF managed by FTA.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number		Description
99.1		Press Release, dated December  9, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: December 9, 2025		FIRST TRUST SENIOR FLOATING RATE INCOME FUND II
	By:	/s/ W. Scott Jardine
	Name	W. Scott Jardine
	Title:	Secretary

EXHIBIT INDEX

Exhibit
Number		Description
99.1		Press Release, dated December 9, 2025.

FAQ

What did First Trust Senior Floating Rate Income Fund II (FCT) announce on December 9, 2025?

The Board of Trustees of First Trust Senior Floating Rate Income Fund II approved a reorganization of the fund into a new exchange-traded fund called First Trust Flexible Income ETF.

What is First Trust Flexible Income ETF in relation to FCT?

First Trust Flexible Income ETF is a newly created, actively managed ETF that will receive the assets of FCT in the approved reorganization, effectively replacing the closed-end fund structure.

Who manages First Trust Senior Floating Rate Income Fund II and the new ETF?

Both First Trust Senior Floating Rate Income Fund II and the new First Trust Flexible Income ETF are managed by First Trust Advisors L.P. (FTA).

On which exchange will the new First Trust Flexible Income ETF trade?

The filing states that First Trust Flexible Income ETF will be traded on the New York Stock Exchange (NYSE).

Is First Trust Flexible Income ETF an actively managed fund?

Yes. The new First Trust Flexible Income ETF is described as an actively managed ETF managed by First Trust Advisors L.P.

Where can investors find more details about FCT’s reorganization into an ETF?

Additional details are included in a press release dated December 9, 2025, which is attached as Exhibit 99.1.